Has your home been sitting on the market for too long? Find out how to avoid racking up more days on market.
Today we’re going to discuss the term days on market and what it means to you, a prospective homebuyer or seller.
Thankfully, it’s a pretty simple, straightforward answer: The fewer days on market, the better, especially as a seller. Now, for a buyer, the more days on market means the possibility of having more negotiation power.
If you’re selling, and you receive a solid offer in the first week, strongly consider it; again, the fewer days on market, the better. When you start accumulating days on market, buyers may begin to think to themselves, “What’s wrong with the property? If no one else is buying it, why should I buy it?”
Maybe a price reduction, or “price improvement,” is appropriate if you begin racking up a lot of days on market. Improper pricing right off the bat can mean missing out on a quick, top-dollar sale.
How can a Realtor help you have low days on market? First, their expertise on market conditions will ensure that your pricing won’t hurt you. Interview at least two agents, maybe even three. One might give you a marvelous valuation that you’re dying to hear, but another might be more realistic and practical.
It’s imperative to listen to the realistic one who is equipped with market statistics, even if their pricing for your house is lower than that first agent’s. People think it’s still 2017, or 2016, when houses were flying off the shelves, but it’s not quite like that anymore; buyers right now are savvy, knowing how to increase their negotiation power.
The advice the right Realtor gives you will be critical in selling your home. If you have any questions about days on market or real estate in general, give me a call or shoot me an email. I’d love to talk with you.